New York Life completed its acquisition of Cigna's group life, accident and disability insurance businesses in a deal valued at $6.3 billion.
The deal was first announced in December 2019 and will add 9 million customers and 3,000 employees to New York Life's portfolio.
"This acquisition, the largest in our company’s history, reinforces our financial strength by generating capital that can contribute to our surplus, dividends, and earnings," said New York Life Chairman and CEO Ted Mathas.
"We are excited to welcome to New York Life our new employees and the millions of new customer relationships that we will gain through this milestone transaction. We look forward to building on our leading group benefit solutions market position in the years ahead," Mathas said.
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Rumors that Cigna was considering a sale began in earnest in August 2019.
Cigna has put a large focus on growing its health benefits and services arms since it acquired Express Scripts in December 2018. The nation's largest pharmacy benefit manager provided a significant boost to the insurer's financials over the past several quarters.
To continue an expansion of the health services businesses, the insurer recently consolidated them under new subsidiary Evernorth.